NEW DELHI: ICICI Securities is of the opinion that equity markets could correct 3-4% during February, in the run-up to the Budget 2013. This, the brokerage feels provides a 'window of opportunity to buy into the dip.'

In a report the brokerage said that it expects a 'non-populist' investor friendly budget. "In the last few months, the government has been making all the right noises on reforms - increasing diesel prices, FDI and road shows to alleviate investor concerns. Therefore, it is unlikely that the government will undo all the good work by coming out with an all-out populist Budget," the report said.

An analysis of the past budgets by P Chidambaram shows that he has aimed at reducing the tax burden (both direct and indirect) on the middle class while trying to expand the tax net, the report says.

The report also says that the government is likely to reiterate its target of 4.8% fiscal deficit and announce some measures to achieve the same. The report also lists out five likely announcements in the Budget 2013:

1. Modest increase in taxes on the 'super-rich'

2. Increase in tax exemption slabs, which could benefit the middle class